There has been a house price crash (in Burnley)

Pimperne1

You just need to look at the forthcoming auctions and previous sold prices to realise that people "up North" have been pretty stupid as regards house buying. This is what skews the national house price data:

Auction data:

4 and 10 Pritchard Street Burnley (bid between £10k and £15k):

http://www.theauctionpeople.co/Auctions/SummaryOfLots

Previous sale price:

4 Pritchard Street:

http://www.houseprices.co.uk/e.php?q=4+pritchard+street+burnley&n=10

10 Pritchard Street Burnley (bid between £10k and £15k)

http://www.houseprices.co.uk/e.php?q=10+pritchard+street+burnley

Pimperne1

Although if you can get a photograph with the sun on the property (admittedly pretty difficult in Burnley) then the price goes up.

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=POSTCODE%5E1422049&insId=2&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&retirement=&partBuyPartRent=&maxDaysSinceAdded=&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

One good thing from the auction is that you get into Manchester United International Suite (considering their support I would imagine that this is pretty full during match days unlike the Local Manchester People Suite).

How much to rent these (so again buying is better than renting):

http://www.rightmove.co.uk/property-to-rent/find.html?searchType=RENT&locationIdentifier=POSTCODE%5E1422049&insId=3&radius=0.0&displayPropertyType=&minBedrooms=&maxBedrooms=&minPrice=&maxPrice=&maxDaysSinceAdded=&retirement=&sortByPriceDescending=&_includeLetAgreed=on&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&letType=&letFurnishType=&houseFlatShare=false

Although not exactly the same street admittedly.

Thrugelmir

Pimperne1 wrote: »

This is what skews the national house price data:

Surely this a BTL investors dream. Cheap property.

Greatly reduces the risk of making a capital loss.

adyj73

Sorry for the bad language in the post above - too much Oranjeboom 8.5% LOL

flashnazia

Pimperne1 wrote: »

You just need to look at the forthcoming auctions and previous sold prices to realise that people "up North" have been pretty stupid as regards house buying. This is what skews the national house price data:

Auction data:

4 and 10 Pritchard Street Burnley (bid between £10k and £15k):

http://www.theauctionpeople.co/Auctions/SummaryOfLots

Previous sale price:

4 Pritchard Street:

http://www.houseprices.co.uk/e.php?q=4+pritchard+street+burnley&n=10

10 Pritchard Street Burnley (bid between £10k and £15k)

http://www.houseprices.co.uk/e.php?q=10+pritchard+street+burnley

I think the price paid for no. 4 has to be a mistake. £120000?

Anyway, a low guide price doesn't necessarily mean cheap house (although they don't look worth much)

Pimperne1

Thrugelmir wrote: »

Surely this a BTL investors dream. Cheap property.

Greatly reduces the risk of making a capital loss.

Not really, buying cheap property miles away from where you live would be more hassle than the average BtL landlord would want.

I suspect a similar property in Portsmouth where I have a couple of places would be circa £60k even at auction (although I don't think there is anywhere, even in Portsmouth, that looks quite so !!!!!! as the Burnley properties).

abaxas

The problem is that even if some houses were free and you could get 400pm rental for them. You'd still never make any money.

Because the only tenants you'd get would make the London looters look like professors of etiquette.

asturdy2

im from burnley, areas like pritchard street used to be nice areas until slum btl landlords put scum on benefits in them. btl has decimated whole areas of burnley that used to be nice once upon a time.

Pimperne1

asturdy2 wrote: »

im from burnley, areas like pritchard street used to be nice areas until slum btl landlords put scum on benefits in them. btl has decimated whole areas of burnley that used to be nice once upon a time.

Can you give us a postcode of where the scum on benefits used to live then? Maybe these areas have been gentrified.

To be honest these areas look too good for some benefit claimants (but not good enough for those that the average bloke would deem as deserving benefit claimants).

Generali

Thrugelmir wrote: »

Surely this a BTL investors dream. Cheap property.

Greatly reduces the risk of making a capital loss.

True. Much better to buy a place for £25,000 that ends up going back to being worth a few hundred than to have paid £80,000.

There are plenty of terraces in Northern hell holes that are only worth what the Government will pay someone to live in them.

Pimperne1

Generali wrote: »

True. Much better to buy a place for £25,000 that ends up going back to being worth a few hundred than to have paid £80,000.

There are plenty of terraces in Northern hell holes that are only worth what the Government will pay someone to live in them.

That's true and if you buy a place in Wales or the North of England then there is every chance of that happening.